Loan (War Service Land Settlement) Act 1971

The Loan (War Service Land Settlement) Act 1971 was enacted by the Australian Parliament to authorize the raising and expending of a maximum sum of $4 million for a defence purpose. The primary objective of this Act is to provide financial assistance to the States of South Australia, Western Australia, and Tasmania in connection with war service land settlement. The Treasurer has the authority to borrow moneys not exceeding $4 million from time to time, subject to the provisions of the Commonwealth Inscribed Stock Act 1911-1966 or other relevant Acts. The borrowed funds will be issued and applied exclusively for the expenses of borrowing and financial assistance to the aforementioned states in accordance with section 2 of the States Grants (War Service Land Settlement) Act 1952-1953. This Act received Royal Assent on December 13, 1971, marking its commencement.